BALTIMORE CITY, MD. — Greysteel has arranged the $7.5 million sale of Waverly Towers, a 51,550-square-foot urban retail center located in Baltimore City. The property was 96 percent leased at the time of sale to tenants including Advance Auto Parts, Family Dollar, Fresenius Medical Care and Ashley Stewart. Gil Neuman, Joyce Swain and Cyrus Kashfian of Greysteel represented the seller, Waverly Commons LLC, and procured the buyer, Brentwood Village LLC, in the transaction.
SANDY SPRINGS, GA. — Bellwether Enterprise Real Estate Capital LLC has closed the $5.2 million refinance for Sandy Springs Village, a 40,944-square-foot shopping center located in Sandy Springs, a northern suburb of Atlanta. Built in 1977 on a 4.1-acre site, the property is leased to tenants such as Goodwill, Crossfit Perimeter and Huey Luey’s Mexican Restaurant, which is currently building out its restaurant.
CHICAGO — What are the best buying opportunities today for investors in the seniors housing space? The answer begins with an understanding of the deals that are among the least attractive, according to veteran broker Ryan Saul. A property that is 99 percent full that trades at a 6.5 percent cap rate could hardly be called opportunistic because there is no upside, points out Saul, managing director of Chicago-based Senior Living Investment Brokerage. Instead, buying a property that is 75 percent occupied for $100,000 a unit with a broken management team in place presents real opportunity, he believes. “You can go in, turn it around and really add value so that you can sell it stabilized for a much larger premium.” Saul’s insights came during a panel discussion on the state of the investment market at InterFace Seniors Housing Midwest, which took place Tuesday at the Westin Chicago River North Hotel. The conference attracted 265 attendees from a cross-section of the seniors housing industry. Moderated by Ben Firestone, managing director of Blueprint Healthcare Real Estate Advisors, the investment panel discussed who’s buying, who’s selling and what’s driving deal velocity. In addition to Firestone, the panelists included Talya Nevo-Hacohen, chief investment …
Today we have a choice in virtually every retail segment, and choosing a place for your favorite workout is no different. Specialty health clubs are a growing trend in Chicago, ranging from cycling at Flywheel or SoulCycle to high-impact cardio and weights at Shred415, Orange Theory or Barry’s Boot Camp. You can take ballet-inspired classes at Pure Barre, The Bar Method, Daily Method or The Barre Code, or yoga at Core Power Yoga, Yoga Six or Yoga By Degrees. You can even take rowing classes at GO Row or practice wake boarding with ChicagoSUP. But classes are not cheap, ranging from $20 to $30 per visit to unlimited yearlong memberships for $1,900. Despite the high price tag, these types of workouts are increasingly popular. While a full-service health club offers much more than just one type of workout, specialty fitness does just that — it specializes. Unique features These fitness classes focus on just one exercise, making the classes more challenging and better with teachers who are experts. They also provide different levels of classes compared with a gym, which may only offer one yoga, weight or spin class. Specialty fitness spaces are smaller than a full-service health club, but …
LAS VEGAS — Westland Pine Village LLC has acquired the 275-unit Pine Village apartment complex in Las Vegas or $16 million. The community is located at 3011 Arville St. It was 96 percent occupied at the time of sale. Pine Village was built in 1973. The new owner plans to upgrade the unit interiors. The seller was Pine Village Apartments. Brian Anderson and Angela Powers of Berkadia executed the sale.
PHOENIX — Life Care Services and Westminster Funds have completed the $13.2 million addition of 60 units of skilled nursing and memory care to Sagewood, a continuing care retirement community (CCRC) in Phoenix. The expansion doubled the size of the community’s Acacia Health Center, adding 36,300 square feet. The project included the addition of a 20-bed memory care neighborhood and 40 skilled nursing suites totaling 78 beds. The expansion also added new amenities, including three neighborhood dining rooms, three activity kitchens, three neighborhood living areas and an expanded rehabilitative therapy center. The CCRC as a whole, which totals 292 units, is currently 90 percent occupied. The Weitz Company served as the general contractor for the Acacia Health Center expansion. Architecture firm Todd & Associates and interior designers Spellman Brady Co. designed the project.
SCOTTSDALE, ARIZ. — Arcadia Sky LLC has purchased Corporate Center @ Kierland, a 107,846-square-foot office development in the Scottsdale Airpark submarket, for an undisclosed sum. The Class A asset was 88 percent leased at the time of sale. Notable tenants include American Express Global Business Travel and Berkshire Hathaway Home Services. Trent Rustan and Josh Gosnell of Commercial Properties represented the buyer. CBRE’s Barry Gabel, Chris Marchildon, Kevin Shannon, Glenn Smigiel and Bob Young represented the institutional seller.
SAN LEANDRO, CALIF. — Arbor Lodging Partners has purchased a 119-room Hilton Garden Inn Oakland/San Leandro for an undisclosed sum. The hotel is located at 510 Lewelling Blvd. The hotel features one food and beverage outlet, 1,100 square feet of flexible meeting space, a fitness center and an indoor pool. Arbor Lodging plans to invest more than $4 million to update the property. NVN Hotels will manage the asset. JLL’s Mark Fraioli and Melvin Chu represented the seller, a consortium between Cypress Hospitality, KYD and Cornerstone Hotel Group, in this transaction.
ARVADA, COLO. — Pinnacle Real Estate Advisors LLC has arranged the $4.1 million sale of Indiana Marketplace, a 14,738-square-foot shopping center located in the Denver suburb of Arvada. The property is located at 14805-14807 W. 64th Ave. Jeff Johnson and Matt Ritter of Pinnacle represented the undisclosed 1031 exchange buyer in the transaction.
ROSSFORD, OHIO — NAI Harmon Group has unveiled plans to develop the Rossford Entertainment District, an upscale hotel and retail complex that will be connected to the Hollywood Casino in Toledo via an aerial gondola. The project will cost between $75 million and $85 million, according to The Toledo Blade, and will contain 100,000 square feet of retail space and a 150-room hotel with conference space and an outdoor pool. The project, to contain about 25 shops, will be situated on roughly 20 acres. Construction will start in the fall of 2017.